Home buyers : what was your preapproval amount?

I’ve heard the amount of their preapproval is ridiculously high. More than what anyone should be able to afford. But what numbers are they?

Given a household income, a good credit score, and negating any sort of debt obligations, what (ball park general/rough) amount is the preapproval for? And yes I know the general “rule” that you “should” stay under 35% of gross income, but I’m looking for what banks will approve you for, roughly.

The range depends on your credit, your current TC, bank or lender, and the current market.

So it can be variable.

I would, instead, not worry about the total, and focus instead on what is a feasible amount for you. You don’t want to be house broke. So what are you comfortable spending?

The better your credit, the more square footage you can get, because instead of paying bank fees, you’re paying down principle.

The farther out you go from the hub, the more square footage you get.

Add the total price, plus lending fees and closing cost, plus taxes, plus insurance, minus down payment, and add a bank lending fee and you’ll see your monthly mortgage. If it’s too high adjust the total price until you’re comfortable.